About last week!
What’s really going on in our local Connecticut housing markets? Does it all boil down to supply and demand? Join me in following this weekly update of what happens in Fairfield and Westport, and you will know first hand! (Click each image below to view a quick Reel on Instagram.)
| FAIRFIELD Single-Family | Oct 17 – 23 | Oct 24 – 30 | Oct 31 – Nov 6 | Nov 7 – 13 | Nov 14 – 20 | Nov 21 – 27 |
| NEW | 14 | 14 | 8 | 8 | 8 | 1 |
| REDUCED | 11 | 12 | 7 | 11 | 7 | 2 |
| ACCEPTED OFFERS | 11 | 11 | 9 | 9 | 6 | 12 |
| SOLD | 22 | 9 | 13 | 6 | 9 | 9 |
| AVG % OF ASK | 98% | 97% | 98% | 97% | 98% | 97% |
| YTD MEDIAN SALE PRICE | $810,000 | $810,000 | $820,000 | $817,000 | $815,000 | $815,000 |
| WESTPORT Single-Family | Oct 17 – 23 | Oct 24 – 30 | Oct 31 – Nov 6 | Nov 7 – 13 | Nov 14 – 20 | Nov 21 – 27 |
| NEW | 8 | 9 | 15 | 6 | 5 | 1 |
| REDUCED | 4 | 5 | 3 | 5 | 4 | 1 |
| ACCEPTED OFFERS | 4 | 6 | 4 | 2 | 7 | 2 |
| SOLD | 3 | 5 | 8 | 1 | 6 | 4 |
| AVG % OF ASK | 98% | 94% | 96% | 95% | 98% | 99% |
| YTD MEDIAN SALE PRICE | $2,050,000 | $2,032,500 | $2,050,000 | $2,050,000 | $2,050,000 | $2,015,000 |
Nov 28: No one made a move in the middle of Thanksgiving and Black Friday, right? Actually they did! 27 happy parties made a big move with 14 accepted offers and 13 sold homes last week! Sale prices averaged 97% in Fairfield and 99% in Westport, so homes are selling close to asking price. Take a look at my quick video update.
Nov 21: Nothing happening the week before Thanksgiving, right..?
Observations: There was actually an UPTICK in accepted offers last week! The median sale price has been pretty steady in both towns in the last five weeks. It’s actually UP a bit in Fairfield from five weeks ago. Sale prices have been averaging 98% of asking, which is what we typically see in strong markets. New listings have been trickling in though.
So my takeaway is that we need more new listings!
DID YOU KNOW that people move all year long?
Last year, in November and December 2021, 195 people successfully bought or sold a single-family home in Fairfield and Westport, and in 2019 there were 159 single-family sales. So you shouldn’t feel like you have to wait around for spring if you want to be in your ideal home now.
The best time to sell is when the timing matches your life goals. You can absolutely do it any time of year and in any market!
If you’re feeling concerned about the market conditions but wish you could move on to the home that truly matches your needs and lifestyle, reach out to me now, and let’s have a conversation.
Oct 13:
Observations: The biggest things that jump out at me right now are the price reductions and the ratio of the sale price to the asking price.
We saw ZERO price reductions for quite some time, but in the last four weeks we saw some. I still think these happened when sellers priced too optimistically versus pricing conservatively with comparable sales in the current market.
At the height of the frenzy, the sale/list ratio ran between 103% to 105%. In the last four weeks this ratio moved to the 95%-97% range which is closer to what we see in a more balanced market. Buyers had some opportunity to negotiate again in some cases. However, keep in mind there were still multiple offers and sales at and above the asking price as well.
The median sale price has been fairly consistent in both towns over the last four weeks.
Are you curious what your home is worth in the current market? Reach out to me in the form below, or click here for an instant estimate.
Comments? Questions?
Fairfield and Westport CT Real Estate Guide 